Philippine Property Developer DoubleDragon Plans $305m REIT Listing

The Philippines. Photo by REY MELVIN CARAAN on Unsplash

Philippine developer DoubleDragon Properties Corp said on Monday it is planning a 14.7 billion pesos ($305 mln) real estate investment trust (REIT) listing, the second offering of the asset class in the country.

DoubleDragon has hired six foreign and three domestic underwriters as it seeks regulatory approval this week, the property firm told the local bourse.

REITs, which manage real estate assets such as hotels, office buildings and malls that regularly generate profits, are attractive to investors seeking regular dividends.

Reuters

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